Bank of India (BoI) was founded on September 07, 1906 by a group of eminent businessmen from Mumbai. The bank was under private ownership and control till July 1969 when it was nationalized along with 13 other banks. Beginning with one office in Mumbai, with a paid-up capital of Rs 50 lakh and 50 employees, the bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the bank occupies a premier position among the nationalized banks.
The bank has many branches in India spread over all states/ union territories including specialized branches. These branches are controlled through Zonal Offices and NBG Offices. The bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008.
While firmly adhering to a policy of prudence and caution, the bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The bank has been the first among the nationalized banks to establish a fully computerized branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The bank is also a founder member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.
Business area of the bank
Bank of India provides a wide range of products and services in deposits, loans, NRI banking, cards, and online services such as Internet banking. Also a wide variety of new products and services like Kits introduced for NRI Customers opening NRE/ NRO accounts at foreign centers, Launched Marathi version of the Bank’s website, Enabling internet banking customers to make online Fixed Deposit, etc.
Awards and recognition
The Bank has been awarded as ‘The Best Bank for excellence in AADHAR related UIDAI programme of Government of India at the hands of Prime Minister at DODU village near Jaipur in Rajasthan’.
The Bank has been awarded the ‘Outlook Money Award 2012’ for ‘Best Education Loan’ provider.
Bank has been declared ET’s 2nd Most Trusted Brand in India.
The Bank has been conferred with National Award-2011 for implementing PMEGP scheme in West Zone.
Bank received ‘MSME Excellence Award 2013’ at the hands of Deputy Chairman, Planning Commission, Government of India.
Bank received ‘IBA Instituted award at BANCON 2013’ for “Most Innovative Mass Retail Lender” for underserved segments.
Bank has been awarded the ‘Outlook Money Award 2012’ for ‘Best Education Loan provider’.
Bank received ‘Best MSME Bank’ and ‘Best Bank for Operational Performance’ awards.
Bank received ‘Outlook Money Award’ for ‘Best Home Loan Provider’ under Runner up category.
Bank received Skoch Group ‘Financial Inclusion Deepening Award’.
Bank won ‘IT excellence award’ by ETNOW and VMWare for effectively implementing Virtualization in the Bank.
Bank received ‘Best HR Technology award, 2014’ from Banking Frontiers at Mumbai.
Bank of India has been ranked as the 2nd Most Trusted Bank in the PSU Bank category by Economic Times.
Bank awarded as Best Bank for Managing IT Ecosystem among Large Banks in IDRBT Banking Technology Excellence Awards for FY 2015-16.
Bank received the Best Bank Award for Electronic Payments among Large Banks from IDRBT Banking Technology Excellence Awards for FY 2015-16.
Bank of India ranked as the 2nd Most Trusted Bank in the PSU Bank category by Economic Times.
Bank of India has been conferred ‘Market Achievers’ Award’ in Currency Derivatives Segment amongst Public Sector Banks by NSE.
Bank of India awarded as ‘Best Performer in Currency Derivative Segment’ amongst all Banks’ Category by BSE.
Bank of India awarded as ‘The Most Efficient Bank in Kenya’ by Think Business Banking Award 2018.
Bank of India-Uganda Subsidiary awarded for ‘Best Company Keeping Image High Award 2018’ from Indian Business Forum, Uganda.
2nd Most Trusted Bank in the PSU Bank category by Economic Times.
‘Market Achievers’ Award’ in Currency Derivatives Segment amongst Public Sector Banks by NSE.
‘Best Performer in Currency Derivative Segment’ amongst all Banks’ Category by BSE.
Bank has been conferred Second Position among PSU Banks for performance under Sukanya Samriddhi by the National Savings Institute (Ministry of Finance) for the year 2017-18.
Bank of India awarded APY- Makers of Excellence Award by PFRDA for enrolment in APY in November, 2018.
‘India’s Top Organisation with Innovative HR Practices’ award in PSUs in the Asia Pacific HRM Congress in Bengaluru.
Bank of India won the second Most Trusted Brand Award in the Banks category awarded by the Reader’s Digest Trusted Brand, 2019.
In the India Banking Summit & Awards 2019, Bank of India ranked as Best Public Sector Bank 2019 by Synnex Group.
Best Performing Public Sector Bank in APY Formation Day Campaign (FY2019-20) by PFRDA.
ETBFSI Excellence Awards 2019- Most Innovative Large Size Bank of the Year for QR Cash.
Bank of India has been conferred CSO-100 Award-2019 from IDG Media for Implementation of Best Information Security Practices.
Bank has won Infosys Finacle Clients Innovation Award 2019.